Lane of Howard Hughes Corp. returns with a new real estate venture

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Paul Lane, former CEO of Howard Hughes Corp., set up a private commercial real estate investment firm specializing in real estate in the Houston area.

Layne Property Partners, or LPP, will include properties that his family previously bought, including an apartment in Montrose and an antique exhibition space at Round Top. The company’s website suggests that six apartment buildings in the Heights area and real estate in Oak Forest will be closed later this year.

Lane left Howard Hughes in September 2020 with $ 2.63 million in severance pay over the course of the year, when the pandemic hit the company, which is known for its carefully planned communities but owns real estate in most sectors, from office and retail to hotels and baseball. stadium. At the time of his departure, his stock was down 54% YTD as COVID-19 hit the real estate industry.

He is now returning to commercial real estate as investor activity grows, this time at the head of a private company.

Lane, in his 60s, said that during his short retirement, he and his wife spent several months on a Florida beach, where he spent most of his time playing golf.

“I intended to retire,” he said. But after about four months, he developed an itch to return to real estate. Four of his six children are in commercial real estate, and he describes his new company, which has three employees, including one of his children, and the office at Memorial, as “a kind of family business” based on relationships that they built. in the industry for many years.

One LPP investor, Joe Agresti, CEO of Dream Motor Group, said in a statement that the current inflation in the economy has prompted him to invest in LPP as a way to increase his commercial real estate investments.

“In the face of record inflation, I need to diversify my investment portfolio,” he said. “I easily decided to focus on commercial real estate in the safe hands of Paul Lane.”



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